Securities Exchange Act, Shareholders, Securities Litigation

Year in Review: 2024 AI Securities Litigation Trends

WilmerHale on 4/1/2025

Claims relating to statements about artificial intelligence (“AI”) have rapidly become a focal point in securities litigation. Similar to the past surge of “greenwashing” claims tied to climate change disclosures, in 2024 we...more

Eastern District Of New York Dismisses Securities Class Action Against Exercise Equipment Company For Failure To Plead Falsity and...

A&O Shearman on 3/12/2025

On February 14, 2025, Judge Margo Brodie of the United States District Court for the Eastern District of New York granted a motion to dismiss a putative class action asserting claims under Sections 10(b) and 20(a) of the...more

Delaware Supreme Court reverses trial court for failing to apply "Interrelated Wrongful Acts" analysis correctly

Kennedys on 2/7/2025

On February 4, 2025, the Delaware Supreme Court, sitting en banc, determined that the Wrongful Acts alleged in a securities class action against Alexion Pharmaceuticals, Inc. had a “meaningful linkage” with the Wrongful Acts...more

District Of New Jersey Dismisses Securities Claim Against Financial Technology Company Based On Failure To Allege A Material False...

A&O Shearman on 2/4/2025

On January 29, 2025, Judge Robert Kirsch of the United States District Court for the District of New Jersey granted a motion to dismiss a securities action asserting claims under Sections 10(b), 20(a), and 20A of the...more

Southern District Of California Grants Motion To Dismiss Securities Claims Against Hardware Company For Lack Of Statutory Standing...

A&O Shearman on 1/22/2025

On January 2, 2025, Judge Cathy Ann Bencivengo of the United States District Court for the Southern District of California granted a motion to dismiss a securities action asserting claims under Sections 10(b), 20(a), and 18...more

Ninth Circuit Affirms Dismissal Of Exchange Act Claims Against Post deSPAC Company, Holding That Shareholders Of The SPAC Lack...

A&O Shearman on 8/13/2024

On August 8, 2024, the United States Court of Appeals for the Ninth Circuit affirmed United States District Judge Yvonne Gonzalez Rogers’s dismissal of a putative securities class action asserting claims under Sections 10(b)...more

Inside the Courts – An Update From Skadden Securities Litigators - December 2023

Skadden, Arps, Slate, Meagher & Flom LLP on 12/5/2023

The U.S. Supreme Court will likely decide before the end of its current term whether the failure to make a disclosure pursuant to Item 303 of Regulation S-K can serve as the basis for a securities fraud claim under Section...more

Dismissal of Shareholder Derivative Suit for Failure to Allege Demand Was Excused

Goodwin on 11/3/2022

On September 27, 2022, U.S. District Judge Kevin McNulty of the District of New Jersey dismissed a consolidated derivative action allegedly brought on behalf of Cognizant Technology Solutions Corporation against certain...more

Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit

Goodwin on 3/9/2022

IN THIS ISSUE - Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit; Federal Court of Appeals Dismisses Leading Fannie Mae and Freddie Mac Shareholder Lawsuits; NY Seeks Blockchain...more

SCOTUS Remands Securities Class Action Back to the 2nd Circuit

Akin Gump Strauss Hauer & Feld LLP on 7/29/2021

On June 21, 2021, the U.S. Supreme Court issued its opinion in Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System,1 vacating the 2nd Circuit’s previous decision and remanding for further consideration as to...more

House Votes to Repeal OCC True Lender Rule

Goodwin on 7/28/2021

In This Issue. The House of Representatives voted to pass a Congressional Review Act resolution repealing the Office of the Comptroller of the Currency’s (OCC) “true lender” rule; the Consumer Financial Protection Bureau...more

SCOTUS Vacates Class Certification In Suit Against Goldman Sachs And Clarifies Appropriate Scope Of Price Impact Evidence

Goodwin on 7/27/2021

SCOTUS Vacates Class Certification In Suit Against Goldman Sachs And Clarifies Appropriate Scope Of Price Impact Evidence; Stockholders Strike $110 Million Settlement In Suit Alleging Breaches Of Fiduciary Duties By Former...more

Supreme Court Provides Guidance on Class Certification in Securities Class Actions in Goldman Sachs Decision

Wilson Sonsini Goodrich & Rosati on 7/8/2021

On June 21, 2021, the United States Supreme Court issued its decision in Goldman Sachs Group Inc. v. Arkansas Teacher Retirement System, which provides important guidance for defendants seeking to rebut the presumption of...more

Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System: Supreme Court Vacates Class Certification Order in Decade-Long...

Cadwalader, Wickersham & Taft LLP on 6/30/2021

On June 21, 2021, the United States Supreme Court issued a decision in Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System, vacating a decision of the Second Circuit that affirmed certification of a securities...more

SCOTUS Green Lights Price Impact Evidence for Class Cert in Inflation-Maintenance Case

UB Greensfelder LLP on 6/30/2021

A decade of litigation in the Goldman Sachs securities fraud class action has ultimately revealed an unremarkable truth, confirmed by a unanimous U.S. Supreme Court – in a case brought under Rule 10b-5 premised on an...more

Supreme Court's Ruling in Goldman Sachs Leaves Open a Path for Securities Fraud Claims Based on Generic ESG Statements

Bracewell LLP on 6/29/2021

In April, we analyzed whether a corporation’s purely generic public statements on environmental, social and governance (“ESG”) issues could form the basis of a subsequent securities fraud action. At the time, we identified a...more

Supreme Court: “Generic Nature” of Misstatements in Securities Action May Help Defendants Defeat Class Certification

Perkins Coie on 6/29/2021

In a significant decision on securities class actions, the U.S. Supreme Court last week held that the generic nature of alleged misrepresentations will often be “important evidence of a lack of price impact” that can be used...more

U.S. Supreme Court Clarifies the Permissible Evidence and Burdens at Class Certification in Securities-Fraud Cases

Jones Day on 6/28/2021

The U.S. Supreme Court held that courts should consider the generic nature of a misrepresentation when assessing price impact in securities-fraud suits and that defendants bear the burden of persuasion to prove a lack of...more

U.S. Supreme Court: Courts Must Consider Generic Nature of Statements in Considering Certification of Securities Class Action, but...

BCLP on 6/28/2021

In a closely followed case concerning class certification in securities fraud class actions, the U. S. Supreme Court has held that the generic nature of a company’s statements should be considered in determining whether such...more

Supreme Court Addresses Presumption of Reliance in Securities Class Actions

King & Spalding on 6/25/2021

On June 21, 2021, the Supreme Court issued its highly anticipated decision in Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System, No. 20-222. Goldman concerned the standards to be applied by courts when...more

The Supreme Court Provides Guidance on the Standard for Deciding Price Impact at Class Certification in Securities Fraud Cases

Goodwin on 6/25/2021

In Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System, the U.S. Supreme Court answered two important questions regarding the standards that govern class certification in securities fraud actions, affirming the...more

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